How best we can accomplish that is what we are looking at. And we will let you know as we keep progressing,

how best we can accomplish that is what we are looking at and we will let you know as we keep progressing


These statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations

these statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations


along with continual development of different battery modules with different voltages, different capacities, different shapes and sizes

along with continual development of different battery modules with different voltages different capacities different shapes and sizes


With these results, it is not hard to feel super confident and be tempted to think that the midterm alone can take us all the way.

with these results it is not hard to feel super confident and be tempted to think that momentum alone can take us all the way


replaced during the last downturn or shortly thereafter. And there's still some catch-up going on, trying to get that equipment out.

replaced during the last downturn or shortly thereafter and there's still some catch-up going on trying to get that equipment out


our diverse platform and strong business model enabled us to deliver positive core revenue growth and continued growth in our market share.


Recent 12 weeks scanned data shows positive sales trends as the Jennie-O brand continues to outperform the category.

recent 12-week scan data shows positive sales trends as the jennie-o brand continues to outperform the category


As we've indicated, we are eager to negotiate a transaction with Tribune and believe we can come to an agreement in good faith.

as we have indicated we are eager to negotiate a transaction with tribune and believe we can come to an agreement in good faith


The recent executive order authorizing the construction of the Keystone XL pipeline is expected to have a very positive impact on our markets.

the recent executive order authorizing the construction of the keystone xl pipeline is expected to have a very positive impact on our markets


we are also interested in gaining experience using varli in alternative dosing schedules that may allow the immune system to reset in between doses.

we are also interested in gaining experience using barley in alternative dosing schedules that may allow the immune system to reset in between doses


and it's one of the things that really attracted this particular customer to that solution. So we expect certainly large banks and credit unions to adopt this but we also expect

and it's one of the things that really attracted this particular customer to that solution so we expect certainly large banks and credit unions to adopt this but we also expect


as well as cash restructuring associated with our cost reduction actions and certain spin-related cash payments.


From a rail perspective, there's not a lot of rail facilities. Most of the rail facilities in the Permian Basin are now designed for frac sand

from a rail perspective there's not a lot of rail facilities most of the rail facilities in the permian basin are now designed for frac sand


Think of that again just as timing of various projects as they come through the cycle and nothing of great significance. You can see we've done a pretty good job. If you look at

think of that again just as timing of various projects as they come through the cycle and nothing of great significance you can see we've done a pretty good job if you look at the


The outlook for operating profit reflects an expected increase in sales and distribution costs in the second half of 2017 compared to the first half

the outlook for operating profit reflects an expected increase in sales and distribution costs in the second half of 2017 compared to the first half


For a discussion of factors that may cause actual results to differ, refer to Item 1A, Risk Factors, in our most recent Form 10-K.

for a discussion of factors that may cause actual results to differ refer to item 1a risk factors in our most recent form 10-k


and so they will quote jobs at marginal rates if there's a shortage of work available.


Our attention to service and our commitment to delivering outstanding guest experience will continue to be the hallmarks of our company and the focus of our efforts.

our attention to service and our commitment to delivering an outstanding guest experience will continue to be the hallmarks of our company and the focus of our efforts


This concept has been of interest to the company for some time, and it is exciting to have finally launched this division to make our concepts a reality.

this concept has been of interest to the company for some time and it is exciting to have finally launched this division to make our concepts a reality


mislead in any direction. So we're working on that to try to figure out how do we provide you with something that is

mislead in any direction so we're working on that to try to figure out how do we provide you with something that is


We'll get started in just a minute with management's presentation and comments. But before doing so, let me take a minute to read the safe harbor disclosure.

we'll get started in just a minute with management's presentation and comments but before doing so let me take a minute to read the safe harbor disclosure


The Aerospace industry overall remains extremely strong, fueled by record passenger and cargo traffic and ongoing elevated load factors.

the aerospace industry overall remains extremely strong fueled by record passenger and cargo traffic and ongoing elevated load factors


But at the moment, I would say no. I don't see us increasing prices, but I see us hopefully being able to maintain the best mix of business that we can

but at the moment i would say no i don't see us increasing prices but i see us hopefully be able to maintain the best mix of business that we can


Overall, our goal remains to improve the market capitalization, delever our balance sheet and improve our financial flexibility as we focus on the future.

overall our goal remains to improve the market capitalization delever our balance sheet and improve our financial flexibility as we focus on the future


Both our sales force and our customers are excited about the complete solutions we can now provide with our combined product offerings and increased global scale.

both our sales force and our customers are excited about the complete solutions we can now provide with our combined product offerings and increased global scale


on that as a priority. But that could be a call on cash flow. And then to the extent that we spend some money on

on that as a priority but that could be a call on cash flow and then to the extent that we spend some money on


Chip manufacturers are still struggling to maintain or regain profitability amid mounting competitive and cost challenges.

chip manufacturers are still struggling to maintain or regain profitability amid mounting competitive and cost challenges


As Scott mentioned, our track record of generating relatively consistent EBITDA throughout the economic cycles speaks to the resiliency of our business model.

as scott mentioned our track record of generating relatively consistent ebitda throughout the economic cycles speaks to the resiliency of our business model


great start. It gives us the platform and the assortment out there that we need. And as I mentioned in my remarks, we're happy to let demand

great start it gives us the platform and the assortment out there that we need and as i mentioned in my remarks we're happy to let demand


The increase in sales for the 3 and 6 months was due primarily to increased sales of the company's door locking products and intrusion products

the increase in sales for the 3 and 6 months was due primarily to increased sales of the company's door locking products and intrusion products


Integrating and networking products from our Alarm Lock, Marks and Continental divisions enable us to wirelessly control access

integrating and networking products from our alarm lock marks and continental divisions enable us to wirelessly control access


This is mainly due to project cost for developing a new company and startup costs for long-haul routes.

this is mainly due to project costs for developing a new company and startup costs for long-haul routes


Can you talk about the impact to your business from a trade and regulatory perspective, both how the solar tariffs may impact Flex? And then

can you talk about the impact to your business from a trade and regulatory perspective both how the solar tariffs may impact flex and then


and almost entirely attributed to the increased levels of investment required for our new businesses and to support our Sketch-to-Scale vision.

and almost entirely attributed to the increased levels of investment required for our new businesses and to support our sketch to scale vision


following in the domestic Asia market, given the full Taiwan listing. The prepared comments that management will cover here are the same as those covered on the earlier call.

following the domestic asia market given the full taiwan listing the prepared comments management will cover here are the same as those covered on the earlier call


In the meantime, we will continue to work actively to progress all aspects of our strategy and litigation with respect to mitigating losses in Puerto Rico.

in the meantime we will continue to work actively to progress all aspects of our strategy and litigation with respect to mitigating losses in puerto rico


work underway now and so there's, I think, ample provision to be able to fund any development activities going forward.

work underway now and so there's i think ample provision to be able to fund any development activities going forward


where we expect to be back March 1 with the annual report for FY '16. So thank you all for listening in.

where we expect to be back march 1 with the annual report for '16 so thank you all for listening in


In New York, we're making progress on finalizing the contracts with NYSERDA and expect to have them signed for all 3 plants in November.

in new york we're making progress on finalizing the contracts with nicerva and expect to have them signed for all 3 plants in november


and our revised outlook for the full year, I'm very encouraged by the way many key indicators improved during the quarter

and our revised outlook for the full year i'm very encouraged by the way many key indicators improved during the quarter


The third takeaway is that physical video gaming is cyclical, but has a very long tail, and we have significant share in the category.

the third takeaway is that physical video gaming is cyclical but has a very long tail and we have significant share in the category


For our Brand Portfolio, we expect some near-term market challenges as many of our retail partners try to improve their inventory productivity.

for our brand portfolio we expect some near-term market challenges as many of our retail partners try to improve their inventory productivity


We also successfully completed the divestiture and deconversion of the previously disclosed 5 branch locations in Columbus, Indiana, and Greensburg, Indiana.

we also successfully completed the divestiture and deconversion of the previously disclosed 5 branch locations in columbus indiana and greensburg indiana


more customization of specific population benefits and really the flexibility to expand the value of our benefits, all really very positive advances

more customization of specific population benefits and really the flexibility to expand the value of our benefits so all really very positive advances


and then we'll end the year with 14. Mike, do you want to talk about the airplane and what you've heard from Boeing and other operators around the world?

and then we'll end the year with 14 mike do you want to talk about the airplane and what you've heard from boeing and other operators around the world


This growth has come primarily at the expense of mid-tier brands, but more recently, premium brands have also experienced some negative impacts.

this growth has come primarily at the expense of mid-tier brands but more recently premium brands have also experienced some negative impacts


We are expecting that a business case will be developed first in a larger market to justify the rollout in the largest markets.

we are expecting that a business case will be developed first in the larger markets that justifies the rollout in the largest markets


But could you just give us an idea about the timing on when you need to submit your business plans, when you might get an early indication of WACC from the regulator, for instance?

but could you just give us an idea about the timing on when you need to submit your business plans when you might get an early indication of wac from the regulator for instance


But again, because of the work that we've done with the capital recycling, with the balance sheet, it allows us to be

but again because of the work that we've done with the capital recycling with the balance sheet it allows us to be


very large uncertainties in number of banking groups to take advantage and offer senior, experienced relationship managers to join us.

very large uncertainties in a number of banking groups to take advantage and offer senior experience relationship managers to join us


We'd also like to mention that today's presentation uses numerous non-GAAP terms to describe the way in which we manage and operate our business.

we'd also like to mention that today's presentation uses numerous non-gaap terms to describe the way in which we manage and operate our business


I think we're going to have some opportunity because of the proximity of our base plant to do some other things as well in terms of

i think we're going to have some opportunity because of the proximity of our base plant to do some other things as well in terms of


We are continuing to evaluate the impact of Harvey on the projects and are confident that such costs incurred are recoverable under our contracts.

we are continuing to evaluate the impact of harvey on the projects and are confident that such costs incurred are recoverable under our contracts


Do you know what the reasons are for discontinuation, the top 1 or 2? And are they switching to other therapies?

do you know what the reasons are for discontinuation the top 1 or 2 and are they switching to other therapies


that unique kitchen or bathroom will always be with us, and I think they're willing to pay for something unique.

that unique kitchen or bathroom will always be with us and i think they're willing to pay for something unique


positive effect on margins there. So I think one of the things we want to do is take some of the learnings from that and apply them worldwide. But Roger, maybe you want to add.

positive effect on margins there so i think one of the things we want to do is take some of the learnings from that and apply them worldwide but roger maybe you want to add


How much saving will that be in 2017? Yes. I'd say in terms of the individual amounts and

how much saving will that be in 2017 yes i'd say in terms of the individual amounts and


and adversely from those projected in any forward-looking statements we make. All forward-looking statements speak only as of the date they are made.

and adversely from those projected in any forward-looking statements we make all forward-looking statements speak only as of the date they are made


With respect to these asset exchanges, we have traded stores that were on average 27 years old for stores that are on average 7 years old.

with respect to these asset exchanges we have traded stores that were on average 27 years old for stores that are on average 7 years old


The sequential decline in the first quarter state government revenue was expected. Until we have a final resolution of the New Jersey TPL contract,

the sequential decline in the first quarter state government revenue was expected until we have a final resolution of the new jersey tpl contract


You said they benefited from less pass-through hardware. Is this level sustainable for the next couple of quarters? Or do you expect

you said they benefited from less pass-through hardware is this level sustainable for the next couple of quarters or do you expect


So I think what was encouraging in some of the disclosures we made around backlog is that we were able to extend

so i think what was encouraging in some of the disclosures we made around backlog is that we were able to extend


For example, if SPIL had a piece of fully functional equipment that was fully depreciated, 0 book value,

for example if spill had a piece of fully functional equipment that was fully depreciated 0 book value


We also need to keep in mind that our marketing on Amazons entails a compensation which is not reflected in the advertising expenses.

we also need to keep in mind that our marketing on amazon entails a compensation which is not reflected in the advertising expenses


as well as outlook for fiscal year '18. Well, thanks, Lisah, and we're certainly very pleased with our results in the fourth quarter and fiscal year.

as well as outlook for fiscal year '18 well thanks lisa and we're certainly very pleased with our results in the fourth quarter and fiscal year


Our marketing initiatives also support our sales growth priority, and our marketing testimonial campaign continues to resonate.

our marketing initiatives also support our sales growth priority and our marketing testimonial campaign continues to resonate


So our investments are focused primarily in 2 areas. One is digital and the second is all things recurring, if you will.

so our investments are focused primarily in 2 areas one is digital and the second is all things recurring if you will


Then the second effect in working capital is actually related to the reverse factoring.

then the second effect in working capital is actually related to the reverse factoring


which are essential in this arena. And by refocusing again on the cloud and the enterprise infrastructure,

which are essential in this arena and by refocusing again on the cloud and the enterprise infrastructure


Now before I start, I want to make a few opening comments to refresh everyone's memory on how we have gotten to where we are today.

now before i start i want to make a few opening comments to refresh everyone's memory on how we have gotten to where we are today


Most of that was the commodity. And the primary variance would be the arb on the LPG exports that we were expecting at the time when

most of that was the commodity and the primary variance would be the arb on the lpg exports that we were expecting at the time when


segments where we had utilization for patients with renal insufficiency. But as we move forward, I would expect that the mix is going to change substantially

segments where we had utilization for patients with renal insufficiency but as we move forward i would expect that the mix is going to change substantially


we have to find additional ways to think about contracting with customers and working with customers differently than the way in which you do today.


and then at our Annual Investor Day event scheduled for March 1 in New York City. Thank you for your interest in Crane and have a fantastic day.

and then at our annual investor day event scheduled for march 1 in new york city thank you for your interest in crane and have a fantastic day


We believe that growing the bank organically and through prudent acquisitions has served us well as a public company and through our second step 5 years ago.

we believe that growing the bank organically and through prudent acquisitions has served us well as a public company and through our second step 5 years ago


boost to all 5 proteins encoded in the protein -- in the vaccine, including to the whole virus. These responses,

boost to all 5 proteins encoded in the protein -- in the vaccine including to the whole virus these responses


Look, I think if you saw the slowing market at the end of last year, there is no doubt that we've been carrying high levels of inventory. We would have had and did have

look i think if you saw the slowing market at the end of last year there's no doubt that we've been carrying high levels of inventory we would have had and did have


expanded store hours across our network, and our retail impact store project continued to make a difference and drive steady growth.

expanded store hours across our network and our retail impact store project continue to make a difference and drive steady growth


We are very pleased to present, as we think, a strong set of figures

we are very pleased to present as we think a strong set of figures


We produced solid results in the first quarter driven by our continued momentum in business development and new client acquisition.

we produced solid results in the first quarter driven by our continued momentum in business development and new client acquisition


better leisure demand, improved international arrivals and overall strengthening corporate demand, particularly in the oil and gas industry.

better leisure demand improved international arrivals and overall strengthening corporate demand particularly in the oil and gas industry


of awareness, well, activity from our customer is a really telling sign of what we're going to be able to deliver in the future.

of awareness well activity from our customer is a really telling sign of what we're going to be able to deliver in the future


Since the end of the third quarter, we have released 8 of those and sold 1. And we have pending resolution on 2 more of the Gander assets.

since the end of the third quarter we have released 8 of those and sold 1 and we have pending resolution on 2 more of the gander assets


and is stable in the Private Label. So I would say that the strategy of the group is driven by

and is stable in the private label so i would say that the strategy of the group is driven by


They can do everything from full color to promotional materials for it, but then they can move away from that.

they can do everything from full color to promotional materials for it but then they can move away from that


be super efficient to send these patients home. And they all have to be educated. It just takes a long time. So I think there's

be super efficient to send these patients home and they all have to be educated it just takes a long time so i think there's


Thank you, Doug. As we try to do each quarter, we attempt to provide some topical commentary that's intended to provide you some insights about how we're positioning the company

thank you doug as we try to do each quarter we attempt to provide some topical commentary that's intended to provide you some insights about how we're positioning the company


I'm wondering if maybe, just given the acquisition and all the dynamics of the customers that you're adding and different types of customers

i'm wondering if maybe just given the acquisition and all the dynamics of the customers that you're adding and different types of customers


and several smaller direct acquisitions offset partially by the proceeds from our common unit offering in October.

and several smaller direct acquisitions offset partially by the proceeds from our common unit offering in october


So most our markets are very undersupplied. I think the data just came out from -- that showed that consumer pricing plans

so most of our markets are very undersupplied i think some data just came out from -- that showed the consumer pricing plans


Inflation could end up higher than our current expectation if we continue to see the dollar strengthening as a consequence of the trade wars in the international markets.

inflation could end up higher than our current expectation if we continue to see the dollar strengthening as a consequence of the trade wars in the international markets


This growth was partially offset by higher business development costs related to our efforts to progress our hydro pump storage opportunity in Arizona.

this growth was partially offset by higher business development costs related to our efforts to progress our hydro pump storage opportunity in arizona


by everything -- by every measure that we've heard so far, the Navy's quite excited about it. And it could ultimately turn into

by every measure that we've heard so far the navy is quite excited about it and it could ultimately turn into


And we don't expect that all of the patients will have been on treatment sufficiently long yet to have seen for the deepest possible response to have developed by the time at ASH. So

and we don't expect that all of the patients will have been on treatment sufficiently long yet to have seen -- for the deepest possible response to have developed by the time at ash so


in this sector. We want to be seen as the best company for the relevance of its services

in this sector want to be seen as the best company for the relevance of its services


acquisitions with a very clear objective, which is to grow the value of our asset base and to increase return for our shareholders.

acquisitions with a very clear objective which is to grow the value of our asset base and to increase return for our shareholders


So the circumstances of the program in China involve a regulatory priority that are somewhat constraining with respect to

so the circumstances of the program in china involve a regulatory priority that are somewhat constraining with respect to


but we also see that our operational costs are impacted by the additional peak season cost we had to absorb

but we also see that our operational costs are impacted by the additional peak season cost we have had to absorb


What we did see is very strong volume growth, which is ongoing, still slightly offset by a negative price mix effect.

what we did see is a very strong volume growth which is ongoing still slightly offset by a negative price mix effect


both in Italy and in Germany. And we expect to do a transaction before

both in italy and in germany we expect to do a transaction before


right around 10%, maybe just a hair over 10% on a full year basis. So we won't start that way at the beginning of the year, and we'll kind of ramp our way to it. So I don't

right around 10% maybe just a hair over 10% on a full year basis so we won't start that way at the beginning of the year and we'll kind of ramp our way to it so i don't


variable awards, which we have been reducing because even if we have had record profits,

variable awards which we have been reducing because even if we have had record profits


We remain committed to continuing to leverage the TriMas model to improve performance of our businesses and achieve our organic growth plans.

we remain committed to continuing to leverage the trimas model to improve performance of our businesses and achieve our organic growth plans


We believe we can hold our margin around this level near-term, given the encouraging yield on our new loan production and the probability of future rate increases.

we believe we can hold our margin around this level near term given the encouraging yield on our new loan production and the probability of future rate increases


We also ended the quarter with a healthy backlog of retrofits and refurbishments. We feel very good with our aftermarket performance.

we also ended the quarter with a healthy backlog of retrofits and refurbishments we feel very good with our aftermarket performance


For sake of brevity, I will be referring to our second quarter growth rates on a constant currency basis versus the same period in the prior year.

for sake of brevity i will be referring to our second quarter growth rates on a constant currency basis versus the same period in the prior year


Our market leadership is enabled by our unique capability to connect the physical and digital worlds together with our deep domain knowledge.

our market leadership is enabled by our unique capability to connect the physical and digital worlds together with our deep domain knowledge


We are using strategic planning and execution tools, such as Hoshin, throughout the organization to achieve appropriate levels of transparency and discipline.

we are using strategic planning and execution tools such as hoshin throughout the organization to achieve appropriate levels of transparency and discipline


And we think that we had to improve our processes and the service we are supporting

and we think that we had to improve our processes and the service we are supporting the


And now we're sitting, debating whether we want to take a lower margin on private label, which generally, if you have excess capacity, you might choose to do that.

and now we're sitting debating whether we want to take a lower margin on private label which generally if you have excess capacity you might choose to do that


Natural American Spirit's distinctive premium brand continues to outperform. In the third quarter, the brand increased retail market share

natural american spirits distinctive premium brand continues to outperform in the third quarter the brand increased retail market share


to-EBITDA. I would note here that given the relatively low interest rate outlook, along with our improving interest coverage,

to ebitda i would note here that given the relatively low interest rate outlook along with our improving interest coverage


Joe also comes to R.J. Reynolds with a strong track record of bringing brand innovations to market, which will serve the company well moving forward.

joe also comes to r j reynolds with a strong track record of bringing brand innovations to market which will serve the company well moving forward


but that does not include the countless hours spent by both HWC and Vertex management and personnel in executing the integration plan,

but that does not include the countless hours spent by both hwc and vertex management and personnel in executing the integration plan


We have had a dedicated internal team complemented by external advisors working on a comprehensive approach for the past 5 months.

we have had a dedicated internal team complemented by external advisers working on a comprehensive approach for the past 5 months


and we got lower capitalized overhead as a result of reduced expansion CapEx. But all these other moving pieces essentially net out to be a small positive.

and we've got lower capitalized overhead as a result of reduced expansion capex but all these other moving pieces essentially net out to be a small positive


and the bidding pipeline is robust to a point of, again, testing our capacities in that arena.

and the bidding pipeline is robust to a point of again testing our capacities in that arena


and is in the beginning of a gradual shift from growth stock to an income stock. So that's the second part of the question.

is in the beginning of a gradual shift from a growth stock to an income stock so that's the second part of the question


The economy is strong, and consumer confidence is growing along with it. So we believe that we will benefit from a strong retail season

the economy is strong and consumer confidence is growing along with it so we believe that we will benefit from a strong retail season


Another favorable element to be noted is the price increase we witness for industrial services. This is good news for SUEZ.

another favorable element to be noted is the price increase we witnessed for industrial services this is good news for


will also continue to broadly drive our systems and components business with our differentiated products and services.

we will also continue to broadly drive our systems and components business with our differentiated products and services


Massachusetts and Rhode Island were filed maybe 60 days ago, and we are working with those departments

massachusetts and rhode island were filed maybe 60 days ago and we are working with those departments


Our Southeast business, which is the legacy TransMontaigne business on the Colonial implantation pipelines, was the driver behind this loss.

our southeast business which is the legacy transmontaigne business on the colonial implementation pipelines was the driver behind this loss


Our company had a very solid second quarter in our RV business and the industry growth prospects are equally good.

our company had a very solid second quarter in our rv business and the industry growth prospects are equally good


When our family first moved to Atlanta 4 years ago, it was Northwest that knocked on our door and provided excellent pest control and termite services.

when our family first moved to atlanta 4 years ago it was northwest that knocked on our door and provided excellent pest control and termite services


With regard to the overall performance of the sales team, and obviously, we have multiple sales teams, different geographies, different industries

with regard to the overall performance of the sales team obviously we have multiple sales teams different geographies different industries


as an instrument and personalization as a vehicle are our long-term strategies to drive more efficiency in marketing.


The CEVA annual stockholders meeting will be held next week, and we encourage all shareholders to participate through casting their proxy votes or attending the event.

the siva annual stockholders meeting will be held next week and we encourage all shareholders to participate through casting their proxy votes or attending the event


So I mean, the way I would think about it, as we discussed before, when you look at this business and you go back the last couple of years and '18 is no different,

so i mean the way i would think about it as we've discussed before when you look at this business and you go back the last couple of years and '18 is no different


I'm honored to have this opportunity to lead a firm with such a distinguished history of delivering innovative solutions and world-class client service.

i'm honored to have this opportunity to lead a firm with such a distinguished history of delivering innovative solutions and world-class client service


up, my hope is that people will really focus in on what we've done to drive operating results and what we have the ability to do


We also have begun CodeEvolver engineering efforts targeting additional enzymes that are needed for the molecular biology and diagnostics markets.

we also have begun codeevolver engineering efforts targeting additional enzymes that are needed for the molecular biology and diagnostics markets


This will continue to be a majority of the specialty coffee occasions in China and our business for the years to come.

this will continue to be a majority of the specialty coffee occasions in china and our business for the years to come


The impact of Frappuccino decline and the store closures to support the anti-bias training is estimated to be 3 points of comp in the quarter.

the impact of frappuccino decline and the store closures to support the anti-bias training is estimated to be 3 points of comp in the quarter


I am not -- personally, I don't think we are expecting a big effect of that on our core client base nor are we expecting -- because

i am not personally i don't think we are expecting a big effect of that on our core client base nor are we expecting because


South Africa's biggest and most loved cereal brand continues to perform. Pricing and promotional activity has and continues to be carefully managed for profits

south africa's biggest and most loved cereal brand continues to perform pricing and promotional activity has and continues to be carefully managed for profit


We will remain disciplined with our capital deployment strategy. Now let's review our third quarter operating performance in more detail.

we will remain disciplined with our capital deployment strategy now let's review our third quarter operating performance in more detail


coupled with just the portfolio of the organization. As we've grown into some bigger markets, I think, you have more stability there compared to

and coupled with just the portfolio of the organization as we've grown into some bigger markets i think you have more stability there compared to


The main challenge for us is that we have a record backlog and we have to transform that into sales. And that means that we really have to ramp up the production in our facilities for the water business.

the main challenge for us is that we have a record backlog and we have to transform that into sales and that means that we really have to ramp up the production in our facilities for the water business


would we like it to be bigger and with customers that we love? Of course, but I think given kind of what we think in terms of return targets and

would we like it to be bigger and with customers that we love of course but i think given kind of what we think in terms of return targets and


groups that are coming to us for service and abandoning some of the larger national


Allow me at this time to provide some comments and why we think our strategy is so timely and important.

allow me at this time to provide some comments and why we think our strategy is so timely and important


As we continue to execute on our strategic plan, Enzo is able to provide what may be a lifeline to clinical labs.

as we continue to execute on our strategic plan enzo is able to provide what may be a lifeline to clinical labs


the space in our leading position allows us to avoid a lot of these headwinds. Okay, last one for me.

the space in our leading position allows us to avoid a lot of these headwinds okay last one for me


longer to see the sales prices rolling over and then kind of forced to buy


We encourage you to go to our website throughout the quarter for the most current information on the company, including information on the various financial conferences we will be attending.

we encourage you to go to our website throughout the quarter for the most current information on the company including information on the various financial conferences we will be attending


have not seen any kind of dip whatsoever. In fact, we're continuing to see building strength as the year progresses.

i have not seen any kind of dip whatsoever in fact we're continuing to see building strength as the year progresses


We have constructed a very savvy distribution network and have already reached our full year commitment target only halfway through the year. David?

we have constructed a very savvy distribution network and have already reached our full year commitment target only halfway through the year david


such statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied in such statements.

such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied in such statements


We will continue to invest prudently to ensure we deliver the solutions that our customers need and take advantage of the opportunity we see in the marketplace

we will continue to invest prudently to ensure we deliver the solutions that our customers need and take advantage of the opportunity we see in the marketplace


As these are forward-looking statements, I must caution you that our actual revenues and earnings could be negatively affected by numerous factors such as any further weakness in global economies,

as these are forward-looking statements i must caution you that our actual revenues and earnings could be negatively affected by numerous factors such as any further weakness in global economies


Our goal is to be well positioned to participate in this expanding opportunity, and we are pleased with the progress we have made to date.

our goal is to be well positioned to participate in this expanding opportunity and we are pleased with the progress we have made to date


We are now investing in digital solutions to rapidly grow the client base and improve client experience.

we are now investing in digital solutions to rapidly grow the client base and improve client experience


and not having complete visibility to allocations or demand for Switch for the entire year keep us at our initial guidance range.

and not having complete visibility to allocations or demand for switch for the entire year keep us at our initial guidance range


It used to be they pay their cars pretty quickly because they were worried we might pick them up. Today, they know they have some lead time given the new regulations about how people collect.

it used to be they paid their cars pretty quickly because we were -- they were worried we might pick them up today they know they have some lead time given the new regulations of how people collect


This is my first question. My second question is, could you elaborate a little bit about some openings at the international side,

this is my first question my second question is could you elaborate a little bit about some openings at the international side


harp too much on that. You guys made great progress in the first quarter, you talked about the ability to flex up the container order,

harp too much on that you guys made great progress here in the first quarter you talked about the ability to flex up the container order


creating a functionally aligned org structure and having our senior leadership team fully staffed began to show signs of progress in the fourth quarter with a number of accomplishments.


improving the technologies in relation to our productions. We continue to learn

improving the technologies in relation to our productions we continue to learn


Second quarter activity at our construction materials business got off to a slower start due to weather impacts across many of the areas where we operate.

second quarter activity at our construction materials business got off to a slower start due to weather impacts across many of the areas where we operate


production companies find ways to reduce the cost of drilling wells and bringing new production


we own a 45% stake and where we work closely with management to increase franchise value. LendSure is a maturing company with a broad geographic footprint

where we own a 45% stake and where we work closely with management to increase franchise value lencore is a maturing company with a broad geographic footprint


that we will not be able to hand over on time, to have it as units recognized for profit.

that we will not be able to hand over on time to have it as units recognized for profit


reflecting growth across our key financial and operating metrics, continuing our favorable momentum from the first half of the year.

reflecting growth across our key financial and operating metrics continuing our favorable momentum from the first half of the year


Participants on this call will make forward-looking statements. These statements are based on current expectations and are subject to certain uncertainties that could cause actual result to differ materially.

participants on this call make forward-looking statements these statements are based on current expectations and are subject to certain uncertainties that could cause actual results to differ materially


Consumers, especially millennials, want more control on their spending, but they also want the rewards of a credit card, and cash-back is by far the most requested reward program.

consumers especially millennials want more control on their spending but they also want the rewards of a credit card and cash back is by far the most requested reward program


is getting stronger, and I would actually argue the strongest it has ever been. Our local teams are now empowered to deliver local innovations,

is getting stronger and i would actually argue the strongest it has ever been our local teams are now empowered to deliver local innovations


is that the wealth creation that is happening in this country, and I've been alluding to that many times, is really only going to a very small part of the population.

is that the wealth creation that is happening in this country and i've been alluding to that many times is really only going to a very small part of the population


With that, we would like to conclude the conference call today. Thank you very much again for your attendance.

with that we would like to conclude the conference call today thank you very much again for your attendance


So with that, I'll turn the call over to Jeff Taylor, Chief Financial Officer, to provide more detail around the numbers. Jeff?

so with that i'll turn the call over to jeff taylor our chief financial officer to provide more detail around the numbers jeff


We are finishing up our spring redetermination, and we expect our borrowing base will be meaningfully higher so we expect that liquidity number to go up,

we are finishing up our spring redetermination and we expect our borrowing base will be meaningfully higher so we expect that liquidity number to go up


And then you've got a big capital problem if you want to continue the flow of material. So it's a number of those instances,

and then you've got a big capital problem if you want to continue flow of material so it's a number of those instances


Much of our focus over the last 2 years has been on our domestic operations, which saw the brunt of the demand drop. But we feel that this activity has stabilized

much of our focus over the last 2 years has been on our domestic operations which saw the brunt of the demand drop and we feel that this activity has stabilized


And we're hoping that later this year, there'll likely be another solicitation within which we can submit this project and we will have it ready for that.

and we're hoping that later this year there'll likely be another solicitation within which we can submit this project and we'll have it ready for that


I think one thing that's important we focused on this year is to make sure we have a good cash flow and a solid financial situation.

i think one thing that's important that we focused on this year is to make sure we have a good cash flow and a solid financial situation


and knowing that you're making material of the highest quality. And you're seeing the results of that in our clinical data with an excellent safety profile and outstanding efficacy

and knowing that you're making material of the highest quality and you're seeing the results of that in our clinical data with an excellent safety profile and outstanding efficacy


I think in terms of the investments from here, I think certainly, one of the things that we have been looking at very carefully is how we re

i think in terms of the investments from here i think certainly one of the things that we have been looking at very carefully is how we


We have seen that being in line with the expectations already throughout the year. And also, in the course of the Q4, we have not seen a major effect.

we have seen that being in line with the expectations already throughout the year and also in the course of the q4 we have not seen a major effect


Roughly 60% of that cash is invested overseas and is generally not available for repatriation without tax consequences.

roughly 60% of that cash is invested overseas and is generally not available for repatriation without tax consequences


we're serving all of these markets. We see where demand is going. We see what the technology trends have been out there

we're serving all of these markets we see where demand is going we see what the technology trends have been out there


Good morning. My name is Emily, and I will be your conference operator today.

good morning my name is emily and i will be your conference operator today


Examples include the reallocation of order entry and sales support roles in multiple markets to increase efficiency and productivity.

examples include the reallocation of order entry and sales support roles in multiple markets to increase efficiency and productivity


hugely cautious on the one hand and also rigorous when it comes to presenting projects that are


As the distribution channel continues to mature, we anticipate product price volatility will be reduced and prices will improve.

as the distribution channel continues to mature we anticipate product price volatility will be reduced and prices will improve


Although it's still early to get too detailed about 2018 awards, let me highlight some of the more notable prospects where we are strongly positioned.

although it's still early to get too detailed about 2018 awards let me highlight some of the more notable prospects where we are strongly positioned


on SGI's long-term surplus notes in July and December of last year, which have not yet been fully accretive to par.

on sgi's long-term surplus notes in july and december of last year which have not yet been fully accreted to par


These numbers have been increasing every week. Some leading centers are already dosing more than 10 patients,

these numbers have been increasing every week some leading centers are already dosing more than 10 patients


We will not be satisfied until all of the patients and families that seek this treatment are able to receive therapy.

we will not be satisfied until all of the patients and families that seek this treatment are able to receive therapy


from us and we'll continue to say it because we believe it's going to continue to be accurate. Based on our locations

from us and we'll continue to say it because we believe it's going to continue to be accurate based on our location


We had a very successful exchange enrollment season. As a reminder, revenues are generally recognized as the health care plans become effective,

we had a very successful exchange enrollment season as a reminder revenues are generally recognized as the health care plans become effective


from advertising and promotion spending I know you don't want to give us any type of numbers for when you start spending next year but should we be thinking that this is going to be

from advertising and promotion spending i know you don't want to give us any type of numbers for when you start spending next year but should we be thinking that this is going to be


the EBITDA what you would call -- you could say that the drag is what the savings is. So we're not going to get the drag

the ebitda what you would call -- you could say that the drag is what the savings is so we're not going to get the drag


We have a little bit of flexibility around it. But that's why we're out right now trying to run some of these RFPs because we want to get out in front of this. So we could

we have a little bit of flexibility around it but that's why we're out right now trying to run some of these rfps because we want to get out in front of this so we could see


This strong performance allows us to reinvest more aggressively in our operating and product development objectives as discussed earlier.

this strong performance allows us to reinvest more aggressively in our operating and product development objectives as discussed earlier


pricing in the industry and your product versus productivity and efficiency versus cost inflation from labor, et cetera?

pricing in the industry and your product versus productivity and efficiency versus cost inflation from labor et cetera


but it looked like only a pretty small number of your company operated stores were actually closed for either of the hurricane events.

but it looked like only a pretty small number of your company-operated stores were actually closed for either the hurricane events


This growth came despite very tough weather in the East, with the West showing very strong shipments as expected. It

this growth came despite very tough weather in the east with the west showing very strong shipments as expected


she is -- I'm expanding her role because I want to leverage her experience of commercializing design and driving

she is -- i'm expanding her role because i want to leverage her experience of commercializing design and driving


The short answer is this has no impact on us. As part of the HBC's effort to highlight the value of its real estate,

the short answer is this has no impact on us as part of the hbc's effort to highlight the value of its real estate


The investment in 2017 was exceptionally low because of the major deflation in soft commodities during that period as well as imports.

the investment in 2017 was exceptionally low because of the major deflation in soft commodities during that period as well as imports


With our businesses across the rest of the country delivering very strong performance, we are well positioned to benefit as the recovery takes hold.

with our businesses across the rest of the country delivering very strong performance we are well positioned to benefit as the recovery takes hold


related to the sales reps you're bringing on, I guess those are to further grow the current products but are some of those for

related to the sales reps you're bringing on i guess those are to further grow the current products but are some of those for


increased their dosing faster than the first trial, because that's part of the trial design. And it's possible, though they haven't announced it,

increase their dosing faster than the first trial because that's part of the trial design and it's possible though they haven't announced it


growth and favorably impacted both acuity mix and revenue per case compared to the same period in the prior year.


Yes, they should continue to go down, same thing with our cost per case at the SMB line

yes they should continue to go down same thing with our cost per case at the smb line


In addition to the quality and satisfaction initiatives, we expect to recognize operational efficiencies through new supply chain strategies.

in addition to the quality and satisfaction initiatives we expect to recognize operational efficiencies through new supply chain strategies


These deals represent a good global cross section barely distributed across Europe, the Americas and Asia Pacific.

these deals represent a good global cross-section fairly distributed across europe the americas and asia pacific


We have spent a significant amount of trade to generate fast trial and awareness on innovations.

we have spent a significant amount of trade to generate fast trial and awareness on innovations


We also like a skew of our innovations towards what we call the growth businesses,

we also like a skew of our innovations towards what we call the growth businesses


what you would describe the defensive part, as much is, in my opinion, the urgency to really generate and accelerate these white spots.

what you would describe the defensive part as much as in my opinion the urgency to really generate and accelerate these white spots


more pronounced this year, I focused on describing the platform and strategies we put in place to outperform in these demanding markets.

more pronounced this year i focused on describing the platform and strategies we put in place to outperform in these demanding markets


So if you were able to really identify the bottleneck and how you are going to

so if you were able to really identify the bottleneck and how you are going to


rest of the financial year? Look, I think what we've taken account of is the current market conditions and roll those forward. That's why we haven't given

the rest of the financial year look i think what we've taken account of is the current market conditions and roll those forward that's why we haven't given


rather than working against us as it did in Q4 since most of our customers were paying then in Canadian dollars will start to work for us.

rather than working against us as it did in q4 since most of our customers were paying that in canadian dollars will start to work for us


during the second half was not considered in this SREP decision. So we could expect this to continue

during the second half was not considered in this -- in this threat decision so we could expect this to continue


longer time to actually get the benefit of your cold chain supply and logistics network to actually

longer time to actually get the benefits of your cold chain supply and logistics network to actually


Our Industrial business remains strong and continues to perform well. We further stabilized our results in our Business Products Group.

our industrial business remains strong and continues to perform well we further stabilized our results in our business products group


realizing the situation is fluid. We will manage costs responsibly and evaluate uses of our capital carefully.

realizing the situation is fluid we will manage costs responsibly and evaluate uses of our capital carefully


that's not rooted in science, that's not been thoughtfully addressed on all issues. So that's the most important thing.

that's not rooted in science that's not been thoughtfully addressed on all issues so that's the most important thing


It will mean we give our members new ways to find meeting leaders and others like themselves by life stage, goal or location, for instance.

it will mean we give our members new ways to find meeting leaders and others like themselves by life stage goal or location for instance


participate to the extent required to maybe wet our feet and then probably plunge headlong once we are very comfortable

participate to the extent required to maybe wet our feet and then probably plunge headlong once we're very comfortable


how do we try to leverage the various online platforms which are there and make the maybe get the maximum wallet share and make the customers much more sticky

how do we try to leverage the various online platforms which are there and make the -- maybe get the maximum wallet share and make the customers much more sticky


So that is why we now include it in order that all investors across any industry are able to understand

so that is why we now include it in order that all investors across any industry are able to understand


This decree also defines how conflicts of interest must be addressed and communicated by the holding company of conglomerates to the ruling organs.

this decree also defines how conflicts of interest must be addressed and communicated by the holding company of conglomerates to the ruling organs


the Intreas team decided to buy additional protection during the year. You know that in the range 1 sector, you can buy during the year

the intreast team decided to buy additional protection during the year you know that in the insurance sector you can buy during the year


The first involves our new real-time radiography crawlers, which we will use to inspect wells that join sections of newly constructed pipeline.

the first involves our new real-time radiography crawlers which we will use to inspect wells that join sections of newly constructed pipeline


specifically in Russia and certain Middle East countries, Sanofi will provide transition services to assist us in the regulatory process.

specifically in russia and certain middle east countries sanofi will provide transition services to assist us in the regulatory process


that you can maintain things like ESAs in. So the spirit of this in non-dialysis is to provide a first treatment option

that you can maintain things like eases in so the spirit of this in nondialysis is to provide a first treatment option


Overall, we believe the transaction meets our high bars and we look forward to adding the operation into our portfolio.

overall we believe the transaction meets our high bars and we look forward to adding the operation into our portfolio


as we transition our supply chain business model to a lower-touch application sale via our portal strategy and as we expect to benefit

as we transition our supply chain business model to a lower touch application sale via our portal strategy and as we expect to benefit


stronger existing client base to growth due to the strengthening of the Brazilian economy and from our new usage-based pricing structure.

stronger existing client base growth due to the strengthening of the brazilian economy and from our new usage-based pricing structure


With already a great business, it's positioned to become more important in terms of scope and growth opportunities with the pending acquisition of the Dispensing Systems business.

what's already a great business is positioned to become more important in terms of scope and growth opportunities with the pending acquisition of the dispensing systems business


And as more technology kind of gets baked into cars at the OEM level, it would seem to create an opportunity for aftermarket sales.

and as more technology kind of gets baked into cars at the oem level it would seem to create an opportunity for aftermarket sales


a short while ago. Something else to think about. Even with the adjustments in spend that our customers have made this year,

a short while ago something else to think about even with the adjustments in spend that our customers have made this year


Are they able to get back to you with considerations? To what extent are they looking at other bidders and trying to flex

are they able to get back to you with considerations to what extent are they looking at other bidders and trying to flex


including approximately 80 basis points of a negative impact related to the adoption of a new revenue recognition standard,

including approximately 80 basis points of a negative impact related to the adoption of the new revenue recognition standard


nor the legacy things. It's the combination of those combined with a great performing client-focused organization

nor the legacy things it's the combination of those combined with a great performing client-focused organization


So is that driven by acquisitions? Or do you think that organic growth will improve from the 0.5% that you reported this quarter?

so is that driven by acquisitions or do you think that organic growth will improve from the 0 5% that you reported this quarter


a transformative process, which we are referring to as Marlin 2.0. Through this transformation process, we expect to drive sustainable growth

a transformative process which we are referring to as marlin 2 0 through this transformation process we expect to drive sustainable growth


This is a very important program for us, and we continue to receive praise on the performance of our displays during flight testing.

this is a very important program for us and we continue to receive praise on the performance of our displays during flight testing


we believe that we will be able to continue to grow the mortgage business and regain past profitability levels that we had seen.


I mentioned during the last results call that we had expected to see seasonal softness in NOCITA sales, given our expectation at that time

i mentioned during the last results call that we had expected to see seasonal softness in nocita sales given our expectation at that time


and the reorder rates and then the anecdotes of how the product is performing. So we do want people to think about that nuance because of the way

and the reorder rates and then the anecdotes of how the product is performing so we do want people to think about that nuance because of the way


and we don't see -- we can't categorize those. And additionally, there's a different effect that we have really no way of quantifying precisely

and we don't see -- we can't categorize those and additionally there's a different effect that we have really no way of quantifying precisely


when we talk about the increment -- the capital needed for the incremental spend, the way we're thinking about it now, this is it.

when we talk about the increment -- the capital needed for the incremental spend the way we're thinking about it now this is it


As a result, many young educators work second jobs or leave the profession in search of a higher-paying job to pay back their debt.

as a result many young educators work second jobs or leave the profession in search of a higher paying job to pay back their debt


We continue to find opportunities to profitably grow auto. We are targeting specific geographies, customer segments and cross-sell initiatives

we continue to find opportunities to profitably grow auto we are targeting specific geographies customer segments and cross-sell initiatives


We've routinely review all our projects and opportunities to ensure we are prioritizing those that have the greatest potential to enhance shareholder value.

we routinely review all our projects and opportunities to ensure we are prioritizing those that have the greatest potential to enhance shareholder value


digging that we did on this, it was kind of regional where there was some definite replacement that took place in a couple of regions. It appeared to be some storm damage-type thing,

digging that we did on this it was kind of regional where there were some definite replacement that took place in a couple of regions it appeared to be some storm damage type things


from the applications and take rate on the credit cards and from the warranties associated with the products that we sell there,


are automatically switched in the free market and the tariff is in the hands of this company to decide. And as from there on,

are automatically switched in the free market and the tariff is in the hands of this company to decide and as from their own


RIA because the regulatory environment gets tougher and that value that we provide from a risk management standpoint


It is by focusing this way and having a broad portfolio that we are able to deliver consistent returns through these challenging markets.

it is by focusing this way and having a broad portfolio that we are able to deliver consistent returns through these challenging markets


Can I just ask if this is a bit of a surprise or something you might not have anticipated that

could i just ask if this is a bit of a surprise or something you might not have anticipated that


The restricted cash balance, combined with the net value of expected future cash inflows related to our assumption of credit risk

the restricted cash balance combined with the net value of expected future cash inflows related to our assumption of credit risk


If you look at goodwill and other intangibles, there was a decrease in line with the impairments that we took as well as the impact of the stronger rand.

if you look at goodwill and other intangibles there was a decrease in line with the impairments that we took as well as the impact of the stronger rand


He will then provide an update on our markets and geographies and discuss our capital deployment. He'll then walk you through the operating performance within

he will then provide an update on our markets and geographies and discuss our capital deployment he will then walk you through the operating performance within


At the federal level, future needs include ICE demand of up to 3,000 beds pursuant to a request for information ICE just published last month,

at the federal level future needs include ice demand of up to 3 000 beds pursuant to a request for information ice just published last month


enables you to calculate our estimated effective income tax rate of 5% to 6% and provides you with our estimate of total depreciation and interest expense


At present, we plan to begin this operation in fiscal 2020 and expect this to contribute to our group's growth strategy.

at present we plan to begin this operation in fiscal 2020 and expect this to contribute to our group's growth strategy


As a reminder, the reduction of the taxable equivalent gross up under the lower tax rate going forward will serve to reduce net interest margin.

as a reminder the reduction of the taxable equivalent gross-up under the lower tax rate going forward will serve to reduce net interest margin


Our Trentwood facility continues to increase efficiency and throughput from investments in the Phase 5 expansion and the new casting complex,

our trentwood facility continues to increase efficiency and throughput from investments in the phase 5 expansion and a new casting complex


and we're working hard to create places where people want to work. And we have a very stable

and we're working hard to create places where people want to work and we have a very stable


and the respect of this industry. And I think it's improved dramatically, if you followed this industry 15 years ago and you look at it now.

the respect of this industry and i think it's improved dramatically if you follow this industry 15 years ago and you look at it now


For example, we'll be able to offer members customized products based on their travel preferences and timeshare ownership characteristics.

for example we'll be able to offer members customized products based on their travel preferences and timeshare ownership characteristics


where it came from, if it was, I don't know, all US, or only Asia, if there was some sort of there. That was the first question and the second one

where it came from if it was i don't know only u s or only asia if there was some sort of skew there that was the first question and the second one


Fortunately, our processes and systems are already set up this way, so this won't be a change to how we've always executed each marketing campaign.

fortunately our processes and systems are already set up this way so this won't be a change to how we've always executed each marketing campaign


Our Express solutions, as Ari mentioned, we had one that sort of popped up and we closed down within a quarter, and then that's really a delivery

our express solutions as ari mentioned we had one that sort of popped up and we closed down within a quarter and then that's really a delivery


to, quite frankly, all our satellite customers with regard to the potential for much better quality wireless service. So all of that kind of plays together.

so quite frankly all our satellite customers with regard to the potential for much better quality wireless service so all of that kind of plays together


at 1 week of dosing and droxidopa has not been shown in clinical studies to produce durable response beyond 2 weeks.


as you look at the earlier time points, perhaps at 1 week and then as you also look at the data at 4 weeks, is it possible to give us some sort of a sense of

as you look at the earlier time points perhaps at 1 week and then as you also look at the data at 4 weeks is it possible to give us some sort of a sense of


Okay. So the current -- this level of interest expense is a good run rate to use going forward and figuring out your free cash?

okay so the current -- this level of interest expense is a good run rate to use going forward in figuring out your free cash


I think that the -- sort of that level of detail is really something that I don't really want to go into at this point.

i think that sort of that level of detail is really something that i don't really want to go into at this point


So there's a payment and a milestone on a technical transfer. Upon a payment, technical activities are done.

so there's a payment and a milestone on a technical transfer upon a payment technical activities are done


So at that point, that's the end of my prepared remarks. And I'd like to turn it back to Gary. And if we have any questions, be happy to take

so at that point that's the end of my prepared remarks and i'd like to turn it back to gary and if we have any questions be happy to take them


what Dime's -- what the existing portfolio is. So what I tried to express was that we have runway without growing the balance sheet there.

what times addition -- what the existing portfolio is so what i tried to express was that we have runway without growing the balance sheet there


to work with operators. And so if you can consider retail prepared foods an operator, our ability to help them take out labor

to work with operators and so if you consider retail prepared foods and operator our ability to help them take out labor


And we are working with them in order to achieve that. So you start to see people thinking about how can I use a J code to improve patient care.

and we are working with them in order to achieve that so you start to see people thinking about how can i use the j-code to improve patient care


So I think on balance, we do see some pressure in Industrial and we have factored that into our thought process. But we don't see

so i think on balance we do see some pressure in industrial we have factored that into our thought process but we don't see


It is important to note that we were only beginning to apply some of the technology, internalization and other efficiencies to our business.

it is important to note that we are only beginning to apply some of the technology internalization and other efficiencies to our business


The new factory will provide us with the capability to produce more advanced paint products with even greater levels of quality and consistency.

the new factory will provide us with the capability to produce more advanced paint products with even greater levels of quality and consistency


Is that by having complete control of the system, the enclosure, the energy conversion, the controllers,

is that by having complete control of the system the enclosure the energy conversion the controllers


But also looking at additional ways to serve both our corporate services clients, their stock plan participants and our retail brokerage base

but also looking at additional ways to serve both our corporate services clients their stock plan participants and our retail brokerage base


Yes. So for sure, the comment is more about the overall risk in the environment and not about our risks to

yes so for sure the comment is more about the overall risk in the environment and not about our risks to


I think you're right in that definitely, especially if you look at the trends over the last 5, 10 years, you can see the holiday pulling earlier and earlier

i think you're right in that definitely especially if you look at the trends over the last 5 10 years you can see the holiday pulling earlier and earlier


material new product development initiatives and marketing to improve both the vitality and the strength of our product offering


right now, we don't have the opinion that we'll have a lower level than last year. So we believe that that business is still growing.

right now we don't have the opinion that we'll have a lower level than last year so we believe that that business is still growing


The Knoxville team is also very talented, and we are very excited to welcome them into the Lazydays family in the very near future.

the knoxville team is also very talented and we are very excited to welcome them into the lazy days family in the very near future


on migrations. It's always better to be on the newest platform, but frankly, the existing platform is satisfying a lot of needs for existing clients, and

on migrations it's always better to be on the newest platform but frankly the existing platform is satisfying a lot of needs for existing clients and


This more than offset declines in Senator, reflecting the recent period of political uncertainty surrounding the presidential election in Kenya.

this more than offset declines in senator reflecting the recent period of political uncertainty surrounding the presidential election in kenya


We still have much to do throughout the balance of the year, but I'm pleased that we have built on the momentum from this past holiday season and continue to execute at a high level.

we still have much to do throughout the balance of the year but i'm pleased that we've built on the momentum from this past holiday season and continue to execute at a high level


Comparison to the prior year is significantly distorted by the extra week in the fourth quarter last year and the associated shift in the calendar.

comparison to the prior year is significantly distorted by the extra week in the fourth quarter last year and the associated shift in the calendar


I also want to ask. On the labor front or any other -- is there anything on the horizon there that you're seeing in any of the

i also want to ask on the labor front or any other -- is there anything on the horizon there that you're seeing in any of the


and hence, make ourselves better connected to the end-users and the value they get from our products.

and hence make ourselves better connected to the end users and the value they get from our products


With regard to cash flow, we expect another good year, even with the anticipated level of capital expenditures and modest growth in working capital.

with regard to cash flow we expect another good year even with the anticipated level of capital expenditures and modest growth in working capital


enable us to pursue significant opportunities to broaden our portfolio through corporate development activities with a continued focus on long-lived,


We anticipate the initial rollout of these -- of the program to begin in the Pacific markets later this year and then globally over the next 2 years.

we anticipate the initial rollout of these -- of the program to begin in the pacific markets later this year and then globally over the next 2 years


in those term sheets, you commit to all the major terms of the loan. You have to then pay for the loan, which I shouldn't underestimate the importance of and the kind of length of.

in those term sheets you commit to all the major terms of the loan you have to then paper the loan which i shouldn't underestimate the importance of and the kind of length of


I would like to close by thanking all of our employees for their efforts and continued dedication as we move forward.

i would like to close by thanking all of our employees for their efforts and continued dedication as we move forward


We continue to successfully integrate the recently acquired Mega Airless Company, and we're happy with the performance of the business.

we continue to successfully integrate the recently acquired mega airless company and we're happy with the performance of the business


a key supplier in Asia. We started to win some new accounts, new OSAT accounts that we had not been in

a key supplier in asia we started to win some new accounts new oset accounts that we had not been in


What is somewhat less obvious, but equally as noteworthy, is the extreme level of flexibility required by the market from these units on those days.

what is somewhat less obvious but equally as noteworthy is the extreme level of flexibility required by the market from these units on those days


Although the third quarter was impacted by regulatory effects, we continue to make good financial progress.

although the third quarter was impacted by regulatory effects we continue to make good financial progress


opportunities to add to the business, but we're not going to acquire for acquisition sake or diversify

opportunities to add to the business but we're not going to acquire for acquisition's sake or diversify


These statements should be viewed via the cautionary statements and risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission.

these statements should be viewed via the cautionary statements and risk factors set forth from time to time in the company's filings with the securities and exchange commission


We never could have built AGI without you. So I hope that you know that I know, and that I'm very appreciative.

we never could have built agi without you so i hope that you know that i know and that i'm very appreciative


We understand the current freight environment and potential weakness in pricing. However, does the earnings guidance suggest a decline in the operating margin as well?

we understand the current freight environment and potential weakness in pricing however does the earnings guidance suggest a decline in the operating margin as well


is designed to access those consumers, and those -- that consumption that we don't cover with our participation in the modern trade. So it's both

is designed to access those consumers and those -- that consumption that we don't cover with our participation in the modern trade so it's both


you need a good foundation and I think we've done that in 2016 with the rate cases that we completed. So we're in good shape there. Number two,

you need a good foundation and i think we've done that in 2016 with the right cases that we completed so we're in good shape there number two


The first thing that we wanted to drive during the second half was generating more proximity with our customer to drive collaboration.

the first thing that we wanted to drive during the second half was generating more proximity with our customer to drive collaboration


the year has started well, and we are delivering along expectations. And we are executing our CapEx plan and are on track.

the year has started well and we are delivering along expectations and we are executing our capex plan and are on track


It's an inflow in the first quarter last year. It didn't cost in income because we recorded it directly into provisions.

it's an inflow in the first quarter last year it didn't cause an income because we recorded it directly into provisions


with some additional secondary endpoints. So the company has gone back to the data and has been performing the analysis that they requested

with some additional secondary endpoints so the company has gone back to the data and has been performing the analysis that they requested


Increased equipment activations in 2018 will require the industry to look outside the current labor pool,

increased equipment activations in 2018 will require the industry to look outside the current labor pool


In the grinding market, we expanded our product portfolio to increase larger grinding media, which opens up more sales opportunities for us.

in the grinding market we expanded our product portfolio to increase larger grinding media which opens up more sales opportunities for us


And then on average to compare to NYMEX, we would expect that rate to be at the high end or slightly above it, correct.

and then on average to compare to nymex we would expect that rate to be at the high end or slightly above it correct


We have continued a rapid pace in advancing our lead Alzheimer's program, and we have set out a clear path forward for success.

we have continued a rapid pace in advancing our late alzheimer's program and we have set out a clear path forward for success


And we include our variable annuity and are including our variable annuity providers in that and are getting a high level of interest in working toward a solution.

and we include our variable annuity and are including our variable annuity providers in that and are getting a high level of interest in working toward a solution


and how the city should be organized to really better integrate the social dimension, the economical dimension and the production dimension of it.

on how the city should be organized to really better integrate the social dimension the economical dimension and the production dimension of it


which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions do not place undue reliance on these forward-looking statements.

which are subject to risks and uncertainties actual results may differ materially and the company cautions to not place undue reliance on these forward-looking statements


In Q4, we made a lot of good progress with Snap Pixel. We focused on scaling its usage as well as building out its capabilities.

in q4 we made a lot of good progress with snapdxl we focused on scaling its usage as well as building out its capabilities


a much more aggressive price increase that will become effective May 1. Unlike some others in our space, we're

a much more aggressive price increase that will become effective may 1 unlike some others in our space we're


Hopefully, these changes will lead to fewer, but more professional and permanent salespeople to add to our existing outstanding performers.

hopefully these changes will lead to fewer but more professional and permanent salespeople to add to our existing outstanding performers


and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events

and on information currently available to the company they involve risks uncertainties and assumptions because they relate to future events


On the MH side, we continue to believe there is significant potential for this market in the long term based on the current upward trend we are experiencing in shipment levels.

on the mh side we continue to believe there is significant potential for this market in the long term based on the current upward trend we are experiencing in shipment levels


We expect ramp up of production from Kibali and improved production, in particular from the Australian and Brazilian operations.

we expect ramp-up of production from kabali and improved production in particular from the australian and brazilian operations


well, if we look at that and we've done everything that we can and where there's an opportunity to move and get better terms on all those fronts, we do.

look we look at that and we've done everything that we can and where there's an opportunity to move and get better terms on all those fronts we do


As such, we are continuing to work very hard to evolve our service offerings and capitalize on our growing go-to-market momentum.

as such we are continuing to work very hard to evolve our service offerings and capitalize on our growing go-to-market momentum


Thanks, Jim. Good morning, everyone. The aerospace market continues to represent one of our strongest end markets from a demand perspective,

thanks jim good morning everyone the aerospace market continues to represent one of our strongest end markets from a demand perspective


we do have breakthrough therapy designation for this indication. We will be talking to the agency as we develop a bigger safety database,

we do have breakthrough therapy designation for this indication we will be talking to the agency as we develop a bigger safety database


Our robust balance sheet continues to get stronger, and positions us well to take advantage of opportunities and challenges in the marketplace.

our robust balance sheet continues to get stronger and positions us well to take advantage of opportunities and challenges in the marketplace


in the sense that these ships are much bigger, so maybe they will be harder to move around in the network, customers will have to accept

in the sense that these ships are much bigger so maybe they'll be harder to move around in the network customers will have to accept


in the percentage of personnel cost of total sales to make sure that this rate does not increase over the years.

in the percentage of personal cost and of total sales to make sure that this rate does not increase over the years


During that time, we became more internally focused on integrating and executing on these transactions and watched the momentum on our sales growth.

during that time we became more internally focused on integrating and executing on these transactions and lost some momentum on our sales growth


have been our internal projects and initiatives where we see a high rate of return, and we have a history -- demonstrated history

have been our internal projects and initiatives where we see a high rate of return and we have a history -- demonstrated history


And as I mentioned, we and our partners are very much engaged in looking at where that potential mechanism of action makes the most sense,

and as i mentioned we and our partners are very much engaged in looking at where the potential mechanism of action makes the most sense


we always talk about TheStreet. We can now talk about constructive activism by talking about our participation in the Turtle Beach transaction.

we always talk about the street we can now talk about constructive activism by talking about our participation in the turtle beach transaction


don't really know exactly what's going on in Chicago. It's been a struggle for us throughout the market, so it's not just any particular part of the market.

don't really know exactly what's going on in chicago it's been a struggle for us throughout the market so it's not just any particular part of the market


better comparison that we should add to this in future presentations. Our volume will be closer to theirs. But you could see the public comps trade at

a better comparison that we should add to this in future presentations our volume will be closer to theirs but you could see the public comps traded


and through our established relationships in Search, we're able to open the door and we have a very large Culture Shaping project that's been launched over there.

and through our established relationships in search we're able to open the door and we have a very large culture shaping project that's been launched over there


We have many enhancements to our loan experience and our road map over the next 12 months, which will continue to improve the convenience to our users and dramatically improve the efficiency of our platform.

we have many enhancements to our loan experience in our road map over the next 12 months which will continue to improve the convenience for our users and dramatically improve the efficiency of our platform


We then leveraged our post partnership to promote and drive awareness of this, and the result was we increased our new member sign-up threefold over the previous quarter.

we then leveraged our post-partnership to promote and drive awareness of this and the result was we increased our new member sign-up three-fold over the previous quarter


The primary drivers in the year-over-year increase in cash were borrowings under the line of credit and improved working capital velocity,

the primary drivers in the year-over-year increase in cash were borrowings under the line of credit and improved working capital velocity


predominantly behind the increased growth momentum of the businesses and slightly also increased by currencies.


get to these big numbers, trying to figure out what to put in the model. So how much of your business in fourth quarter at Knight was in the spot market?

you get to these big numbers it's hard to figure out what to put in the model so how much of your business in fourth quarter at knight was in the spot market


No more question. Thank you very much. We would like to close for the day. Once again, thank you very much for your participation.

no more question thank you very much we would like to close for the day once again thank you very much for your participation


So this year, the main effect was the movement that you have noticed in the value of new business and the value of in-force.

so this year the main effect was the movements that you have noticed in the value of new business and the value of in-force


are there any concerns about the earning prospects? Or do you have any specific major strategic funding needs in mind?

are there any concerns about the earning prospects or do you have any specific major strategic funding needs in mind


However, even when adjusting for that, manufacturing productivity would still have been weaker than our targets across many businesses.

however even when adjusting for that manufacturing productivity would still have been weaker than our targets across many businesses


for certain areas, which now it's not even possible to do because it requires you such a long time. So

for certain areas which now it's not even possible to do because it requires you such a long time so


we made a conscious decision not to be a monoline lender but to change the direction and culture of this organization to become a commercial bank.


However, we also do expect that we will see further bouts of volatility in the intermediate term and consequently are mindful of liquidity considerations,

however we also do expect that we will see further bouts of volatility in the intermediate term and consequently are mindful of liquidity considerations


And together with the online presence we have, it will create unique accessibility for our customers.

and together with the online presence we have it will create unique accessibility for our customers


port issues, if you can just maybe kind of quantify that for us? And as we move to the fourth quarter, just help us understand

port issues if you can just maybe kind of quantify that for us and as we move to the fourth quarter just help us understand


profitability as well as revenue growth and will continue to do so. And you see that we're investing in marketing dollars, and we're investing

profitability as well as revenue growth and we'll continue to do so and you see that we're investing in marketing dollars and we're investing


Our mission is to go deeper than we do today and provide members with a deeply human and personal experience and one that truly meets them where they are.

our mission is to go deeper than we do today and provide members with a deeply human and personal experience and one that truly meets them where they are


We continue to target increasing marketing solutions and other services as a percent of total company revenue

we continue to target increasing marketing solutions and other services as a percent of total company revenue


Our technologies and sales channels are stronger, our digital technology services offers more mature,

our technologies and sales channels are stronger our digital technology services offers more mature


Out of the acquisition of Holiday and its strong food program, would its own commissary change your perspective on prepared food

how does the acquisition of holiday and its strong food program with its own commissary change your perspective on prepared food


mind boggling in terms of their volume. And our view is that if we can get our balance sheet properly positioned,

mind-boggling in terms of their volume and our view is that if we can get our balance sheet properly positioned


But we believe it's important to start to get commercial feedback even in advance of the publication of results from our latest trial.

but we believe it's important to start to get commercial feedback even in advance of the publication of results from our latest trial


Finally, we wanted to provide you with ample notice that we are postponing our 2016 Fall Investor Day in September

finally we wanted to provide you with ample notice that we are postponing our 2016 fall investor day in september


suffice it to say, we've got a lot more information in the second quarter that we didn't have in the first quarter. And the risk adjustment program for the Marketplace

suffice to say we got a lot more information in the second quarter that we didn't have in the first quarter and the risk adjustment program for the marketplace


It seems that finally, a settlement is not as unlikely as it used to be in the past.

it seems that finally a settlement is not as unlikely as it used to be in the past


what opportunities are there inside the stores that you have that you want to continue to operate, that you can enhance profitability?

what opportunities are there inside the stores that you have that you want to continue to operate that you can enhance profitability


associated with development and regulatory events and a minority is associated with sales


We have been focused on reducing our second lien exposure at SUNS and cycling out of these investments at attractive prices

we have been focused on reducing our second lien exposure at suns and cycling out of these investments at attractive prices


managing our costs and capturing enhanced operating efficiencies resulting from our increasing size and scale.


extreme temperatures and ultra-high speeds require both exceptional engineering design and continuous operating performance capabilities.

extreme temperatures and ultra high speeds require both exceptional engineering design and continuous operating performance capabilities


This singular view will drive our thinking as we continue to develop products and services to support our gaming customers.

this singular view will drive our thinking as we continue to develop products and services to support our gaming customers


in the same level of the first quarter of 2015, which was slightly higher. But we see a positive trend now.

in the same level of the first quarter of 2015 which was slightly higher but we see a positive trend now


Before we move on to review -- our review of the end markets, I'd like to provide a brief update on our Stromag acquisition.

before we move on to review -- our review of the end markets i'd like to provide a brief update on our stromag acquisition


through both spend and mix optimization while maintaining our competitive investment levels across all relevant consumer touch points.


and pricing for that matter because, for a year, it shows up in that acquisition column. So I think it's important to note that

and pricing for that matter because for a year it shows up in that acquisition column so i think it's important to note that


Politicians and policymakers were already struggling to take action in the past, and now the importance for the Eurozone economy has only intensified.

politicians and policymakers were already struggling to take action in the past and now their importance for the eurozone economy has only intensified


The various factors for increases and decreases in income have been classified in accordance with the method that Honda considers reasonable.

the various factors for increases and decreases in income have been classified in accordance with a method that honda considers reasonable


For those of you who have not yet downloaded the material, please do so now, as we will start immediately following our forward-looking statement.

for those of you who have not yet downloaded the material please do so now as we will start immediately following a forward-looking statement


real estate brokerage and pension consulting businesses. However, this could not compensate for the decline from Swiss Life Select

real estate brokerage and pension consulting business however this could not compensate for the decline from swiss life select


and puts us in a strong position to take advantage of the opportunities stemming from the economic recovery on the island.


and, kind of, gave that guidance of those metrics on the initial conversation and then just worked with that partner to back into those metrics.

and kind of gave that guidance of those metrics on the initial conversation and then just worked with that partner to back into those metrics